of law, transparency, opportunity to get good managers. the u.s. will grow at a reasonable rate this year, 2%, 2.5%. outside of the united states, the best emerging markets are china, brazil we like a great deal. other places like peru, colombia, chile, south africa, turkey. korea, as well, in asia, indonesia attractive. europe has appeal. it's been beaten down so much we think it's the largest emerging market in the world. price vs. been beaten down and -- prices have been beaten down and we think growth will occur. for example, a lot of banks have to sell assets. we recently bought tcw. an asset in the united states. not a european asset. but it was owned by a french bank. that's a good asset. we think we got it at a good price. there are many banks in europe who will sell assets this year and next. we think there are good opportunities to buy there. >> it's interesting because banks are being forced to do fire sale prices. they need to raise capital. that's an opportunity for you. >> i hope so. i hope these are fire sale prices. they're probably not going to be that cheap. the banks ca
